As Canadian energy leaders and policy makers met in Toronto this week for the 2015 Energy Summit, a new report was released suggesting an ambitious international climate framework is urgently needed.
The finding is from the World Energy Council, which Canada is a part of, ahead of climate talks scheduled for December in Paris.
The report was distributed to those gathered at the Energy Council of Canada's summit in Toronto this week, after it was released in Mexico at the Clean Energy Ministerial.
Generally, the report found a clear climate framework and a global emissions target is essential if an estimated $48-53 trillion (US) required for sustainable energy infrastructure is to be invested.
"For Canada, in particular, it means ...there's great opportunity in energy efficiency, demand management and further investing on RD&D (research, development and demonstration)," said Sandra Winkler, WEC's director of policies and member services, in an interview at the conference.
More than 2,500 industry and policy leaders were involved in the report, which identified five "policy enablers" to transition to a low-carbon energy system.
Those enablers are: removing barriers to trade and enable technology transfer; setting a carbon price; providing policy signals to scale up investment; placing greater emphasis on demand management; and prioritizing and building platforms for innovation and RD&D.
"The energy sector is actually ready for a global framework on climate change... and to agree on a GHG reduction target," Winkler said. "They're waiting for policy makers to actually step up and come to an agreement."
The report is the fifth edition of the "World Energy Trilemma." Trilemma is the term used by WEC to refer to balancing energy security, equity and sustainability.
In October, WEC will release its annual ranking of countries' sustainability of energy systems. Last year Canada came sixth out of 129 countries.
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